Policy Brief - Transformative policy solutions to support women-led businesses in Africa in a post covid-19 world

COVID-19 is wreaking economic havoc across the world, Africa included. The International Monetary Fund (“IMF”) reports that sub-Saharan Africa growth rate projected at 5.2% for 2020, has taken a downturn and is now projected to contract by -1.6%. Africa faces an economic crisis, with attendant negative impacts on livelihoods and businesses. Small and medium sized enterprises (“SMEs”) in Africa are being significantly affected by COVID-19. Prior to the pandemic, most SMEs in Africa had limited financial reserves, irregular cash flows, as well as lacked sustainable credit facilities and liquidity. COVID-19 threatens to exacerbate these unwelcomed realities and is detrimental to Africa’s economic recovery given that Africa’s SMEs create about 80% of Africa’s job opportunities.